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| EmergingMarketsNOW |
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| Friday, July 03, 2009 |
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ADB-IDB to Launch $500Mn Islamic Infrastructure Fund; Appoints CIMB Standard as Manager
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Two leading banks—Asian Development Bank (ADB) and Islamic Development Bank (IDB)—have jointly launched a USD 500-million Islamic infrastructure fund (IIF). The fund has already received an initial commitment of USD 262 million from ADB, IDB, CIMB Group, and Standard Bank. Of this, ADB and IDB jointly contributed USD 250 million while the remaining amount has been contributed by the CIMB Group and Standard Bank. Moreover, CIMB Standard (an Asian PE and infrastructure fund) has been appointed as the manager and advisor for the fund.
IIF will primarily make Shariah-compliant equity investments across Asia’s emerging economies having major infrastructure opportunities. The fund will invest in countries that are common members of the ADB and IDB banks, including Afghanistan, Azerbaijan, Bangladesh, Indonesia, Kazakhstan, Malaysia, Pakistan, and Uzbekistan.
Datuk Seri Nazir Razak, the CEO of CIMB Group, stated that it expects that the fund will be able to raise the remaining amount over the next 12 months. Razak added that the fund is expected to bridge the gap between various Islamic investors who need Shariah-compliant products and project sponsors.
CIMB Standard is a JV between CIMB Group, a Malaysia-based banking group, and Africa-based Standard Bank. The company also administers USD 150-million PE fund and the Southeast Asian Strategic Assets Fund, which caters to the infrastructure and energy investments across Southeast Asia. |
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Genesis Capital Receives Commitments of $56Mn at First Closure of GPEF II
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Genesis Capital, a PE firm focusing on mid-market investments in the Czech Republic and Slovakia, has received commitments worth USD 56.3 million during the first closure of its third fund—Genesis Private Equity Fund II (GPEF II). Through the fund, small- and medium-size enterprises will receive equity financing in the form of buy-out funding and growth capital.
GPEF II, which has a target size of about USD 84.5 million, is expected to primarily invest in established companies having strong growth potential in their domestic markets or through development of export activities. The fund will invest across several industries, including manufacturing, energy services, industrial and business services, retail, industrial goods, consumer goods, IT, telecom, and media.
The fund will make investments of USD 3–8 million per project. Moreover, GPEF II is expected to invest in big projects (up to USD 56.3 million per investment) in association with one of its co-investment partners. The fund plans an investment holding period of 3–6 years per investment. Some of the investors in the fund include financial institutions with a strong reputation and long-term commitment to the Czech and Slovak markets, such as the European Bank for Reconstruction and Development (EBRD), Ceská sporitelna, Landesbank Baden-Württemberg, and Gimv, a Belgian PE firm.
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HVP, Natixis Launch $98.5Mn Fund
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The Netherlands-based Holland Venture Partners (HVP) announced that it, along with Natixis Private Equity (NPE), has launched a USD 98.5 million fund. The fund—NPE Holland Ventures Fund 1—will focus on expansion and buy-out investments in Dutch small- and mid-size enterprises (SMEs). Ewout Prins, a managing partner at HVP, stated that the Dutch SMEs offer lucrative investment opportunities for the PE investors with a clear investment strategy.
The fund will invest in companies with revenues up to USD 84.5 million and that can benefit from deregulation, demographic developments, and sustainability or ownership transmission. It will acquire minority or controlling stakes ranging between USD 4.2 million and USD 18.3 million per deal.
HVP is a leading VC firm that focuses on the lower mid-market companies in the Dutch region. Natixis is the leading provider of PE to SMEs in France (with an enterprise value of USD 70.4 million to USD 703.9 million).
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ADB-IDB to Launch $500Mn Islamic Infrastructure Fund; Appoints CIMB Standard as Manager
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Two leading banks—Asian Development Bank (ADB) and Islamic Development Bank (IDB)—have jointly launched a USD 500-million Islamic infrastructure fund (IIF). The fund has already received an initial commitment of USD 262 million from ADB, IDB, CIMB Group, and Standard Bank. Of this, ADB and IDB jointly contributed USD 250 million while the remaining amount has been contributed by the CIMB Group and Standard Bank. Moreover, CIMB Standard (an Asian PE and infrastructure fund) has been appointed as the manager and advisor for the fund.
IIF will primarily make Shariah-compliant equity investments across Asia’s emerging economies having major infrastructure opportunities. The fund will invest in countries that are common members of the ADB and IDB banks, including Afghanistan, Azerbaijan, Bangladesh, Indonesia, Kazakhstan, Malaysia, Pakistan, and Uzbekistan.
Datuk Seri Nazir Razak, the CEO of CIMB Group, stated that it expects that the fund will be able to raise the remaining amount over the next 12 months. Razak added that the fund is expected to bridge the gap between various Islamic investors who need Shariah-compliant products and project sponsors.
CIMB Standard is a JV between CIMB Group, a Malaysia-based banking group, and Africa-based Standard Bank. The company also administers USD 150-million PE fund and the Southeast Asian Strategic Assets Fund, which caters to the infrastructure and energy investments across Southeast Asia. |
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Israeli Government to Set up $41Mn PE Fund
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The government of Israel is reportedly planning to establish a USD 41.4-million PE fund to focus on business development in the Israeli-Arab sector. Aiman Saif, the General Director of the Authority for the Economic Development of the Arab sector, stated that the agency will invest about USD 20.7 million in the fund, and the remaining amount will be invested by the private sector.
Established in 2007, the Authority for the Economic Development of the Arab Sector extends support to economic and business activity within the Israel's Arab community, and combines Israeli-Arabs into the country's economy.
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| Private Equity and M&A Activity |
Symetis Receives $21.2Mn from a Group of Investors
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Wellington Partners and Vinci Capital-Renaissance have announced a combined investment of USD 21.2 million in Symetis SA, a Switzerland-based developer of percutaneous valve replacement solutions. Banexi Venture Partners also joined the round with existing investors, including Truffle Capital, Novartis Venture Fund, Aravis Venture, and BiomedInvest. According to the agreement, Christian Waldvogel, Managing Partner at Vinci Capital, will get representation on Symetis’s board of directors.
Jacques R. Essinger, the CEO of Symetis, stated that the fund will strengthen the company’s presence in the market.
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| Offshoring and Outsourcing News |
AgreeYa Acquires Soltius Bangladesh; Sets up Delivery Center in Bangladesh
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AgreeYa Solutions, a US-based business and technology solutions provider, has acquired the Bangladesh operations of Soltius Infotech (Soltius Bangladesh), a global provider of IT solutions and services. In addition, the company established its fourth global delivery center in Dhaka (Bangladesh), which will act as the complementary hub for offshore development services to its delivery center in Noida (India). The company also plans to employ about 500 ICT professionals at its Bangladesh center over the next three years. The center will also serve as the company’s regional hub for global IT staffing services. The firm has already begun to employ Bangladeshi professionals to implement solutions in the Middle East and Far East Asia.
Through the new delivery center, AgreeYa plans to serve its global customers based on a multi-pronged market strategy by offering various services. It will provide IT and business consulting services to the private and public sector, and technology solutions in the areas of e-Governance, ERP, business intelligence, Internet and mobile banking, portal and social computing, e-Learning, and mobile and embedded computing. The company will also integrate AgreeYa Bangladesh with its global delivery capability, thereby providing value-added services to its customers in the US, Europe, the Middle East, India, Bangladesh, and the rest of Asia. |
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Datacom Enters into Partnership with SAP APJ
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Datacom SEA, a leading IT services firm in Asia Pacific, has entered into an agreement with SAP Asia Pacific Japan (SAP APJ) to provide BPO services for demand generation and telemarketing services across nine Asia Pacific countries. The duration and financial terms of the agreement were not disclosed. In addition, Multimedia Development Corporation (MDeC) will act as a partner for Datacom to offer services to SAP APJ.
According to the agreement, Datacom will manage SAP’s inbound and outbound generation services, including telemarketing, lead generation, database optimization and cleansing, and inside sales lead generation qualification. In addition, the company will administer a sales support helpdesk for SAP’s customers.
SAP expects the partnership to deliver improved returns on investment than the lower cost offshore options. According to V R Srivatsan, the MD of SAP Malaysia, the deal indicates the firm’s commitment toward Malaysia and the region. |
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Bravura Solutions Enters into Partnership with i-Financial
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Bravura Solutions, a global provider of wealth management applications and professional services, has entered into a partnership with International Financial Systems Australia (i-Financial). The financial terms of the agreemnet were not disclosed. According to the agreement, i-Financial will provide anti-money laundering software, MLTrac, to Bravura's clients. Darren Stevens, the global head of product at Bravura, stated that the company was seeking for a partner having presence in Australia and the UK. The solution will enable the firm to help its clients identify and track suspicious transactions.
MLTrac provides the right level of functionality for various levels of risk and need of each entity through a modular approach. The solution delivers Web-based tools which helps to identify, track and, regulate potentially suspicious or illegal money laundering activities. MLTrac provides link to the third-party providers. It also provides added features such as Know-Your-Customer (KYC) and monitoring capabilities. According to Chris Kelly, Sales Director (Australia) at i-Financial, MLTrac will enable Bravura to assist clients in improving their internal disciplines, supplement their policies and procedures, and convey their commitment to the authorities for an effective anti-money laundering controls.
i-Financial is an Australia-based firm providing software solutions, services, and equipment to banks, credit unions, and financial institutions globally. |
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Tricom Enters UK Market; Partners with Hobs Legal Docs
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Tricom Document Management, a wholly owned subsidiary of Tricom India, announced that it has entered the UK market through a strategic partnership with Hobs Legal Docs, a UK-based reprographics and technology services provider to law firms. The financial terms of the disclosed. According to Chetan Kothari, the MD of Tricom India, the partnership will expand the company’s market presence and will create more business opportunities. The partnership will provide Tricom with a platform to tap law firms in the UK, the US, and mainland Europe, mainly to outsource document reviews, which account for about 90 percent of costs in dealing with electronically stored information in an investigative or litigation context.
According to Terry Harrison, the MD of Hobs Legal, law firms may seek to outsource the review of documents and data to reduce the cost of litigation and regulatory investigations for their corporate clients. |
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